Cryptography Mailing List

Bitcoin v0.1 released

> Dustin D. Trammell wrote:> > Satoshi Nakamoto wrote:> > You know, I think there were a lot more people interested in the 90's,> > but after more than a decade of failed Trusted Third Party based systems> > (Digicash, etc), they see it as a lost cause. I hope they can make the> > distinction that this is the first time I know of that we're trying a> > non-trust-based system.>> Yea, that was the primary feature that caught my eye. The real trick> will be to get people to actually value the BitCoins so that they become> currency.

I would be surprised if 10 years from now we're not usingelectronic currency in some way, now that we know a way to do itthat won't inevitably get dumbed down when the trusted third partygets cold feet.

It could get started in a narrow niche like reward points,donation tokens, currency for a game or micropayments for adultsites. Initially it can be used in proof-of-work applicationsfor services that could almost be free but not quite.

It can already be used for pay-to-send e-mail. The send dialog isresizeable and you can enter as long of a message as you like.It's sent directly when it connects. The recipient doubleclickson the transaction to see the full message. If someone famous isgetting more e-mail than they can read, but would still like tohave a way for fans to contact them, they could set up Bitcoin andgive out the IP address on their website. "Send X bitcoins to mypriority hotline at this IP and I'll read the message personally."

Subscription sites that need some extra proof-of-work for theirfree trial so it doesn't cannibalize subscriptions could chargebitcoins for the trial.

It might make sense just to get some in case it catches on. Ifenough people think the same way, that becomes a self fulfillingprophecy. Once it gets bootstrapped, there are so manyapplications if you could effortlessly pay a few cents to awebsite as easily as dropping coins in a vending machine.